Black Monday woes continue

Shares in China continued to tumble on Tuesday, adding to the largest falls since 2007 on Monday.

The Shanghai Composite index fell 8.5% on Monday, leading it to being called “Black Monday”. That had a dramatic effect on markets around the world. But shares continued to fall again on Tuesday, closing at 7.6% down.

Japan’s Nikkei market was also down 4% on Tuesday.

After closing 4.7% down on Monday, London’s FTSE 100 opened 1.5% higher on Tuesday morning. Despite the morning’s rise, it was not enough to take the index back above the 6,000 points mark. Black Monday saw the FTSE 100 fall below that mark for the first time since the start of 2013.

The Dax mark in Frankfurt opened 1.3% higher and Cac 40 in Paris up 1.4% after sharp falls on Black Monday.